Guernsey: New Investments In Guernsey Funds Set Record

Last Updated: 3 May 1996
With a dramatic increase in net new investment during the first quarter of 1996 and strong market performance, particularly in emerging markets, total collective investment funds under management in Guernsey rose by £1. 1 billion to a record high of £13.9 billion at 31 March 1996, an increase of 8.6% from the previous quarter.

The net asset value ("NAV") of authorised open-ended schemes rose by £720 million to a new high of £9.1 billion. That of closed-ended funds rose by £381 million, reaching a high of £4.8 billion. Thus both types of fund increased in value by 8.6%.

Although the total number of open-ended funds fell by five from the previous quarter, largely due to end-of-year suspensions of existing funds, there was one new fund authorised - an open-ended umbrella fund. Six new closed-ended schemes received consent during the period.

Net sales of £331 million in the quarter particularly underscores interest in open-ended schemes. This trend continues, with twelve applications for open-ended funds in the pipeline, mostly to invest in emerging markets.

Growth in Guernsey's investment business sector has steadily increased over the past twelve months. The total number of funds has risen to 335 (up from 311 at end March 1995) and assets under management have increased by 3 1 % over the same period.

An Appendix which summarises and analyses the returns is below.

Enquiries to:
Nigel Taylor, Superintendent of Investment Business
Tel: (01481)712706

Tammy Menteshvili, Deputy Superintendent of Investment Business
Tel: (01481)712706

La Plaiderie Chambers, La Plaiderie, St. Peter Port, Guernsey, Channel Islands, GY1 1WG


Guernsey Collective Investment Funds: Statistics

At                 Number of     Value of       Number of
                   Authorised    Schemes        Registered
                   Schemes                      Holders

31 Dec 1989          123          2,563          60,054

31 Dec 1990          156          3,069          67,767

31 Dec 1991          153          4,297          61,524

31 Dec 1992          158          5,462          68,721

31 Mar 1993          169          5,957          80,264

30 Jun 1993          174          6,166          82,702

30 Sep 1993          185          7,217          84,839

31 Dec 1993          194          8,310          88,721

31 Mar 1994          186          8,630          92,070

30 Jun 1994          194          8,358          90,442

30 Sep 1994          199          8,350          95,473

31 Dec 1994          201          7,879          93,660

31 Mar 1995          198          7,441          92,924

30 Jun 1995          198          8,010          98,536

30 Sep 1995          200          8,142         100,447

31 Dec 1995          194          8,389         103,853

31 Mar 1996          189          9,108         105,847

During quarter      Sales       Repurchases    Net Investment
ended               (£mn)       (£mn)          (£mn)

31 Dec 1989          512          260           252
31 Dec 1990          409          183           226
31 Dec 1991          619          263           356
31 Dec 1992          693          692             1
31 Mar 1993          915          801           114
30 Jun 1993          862          817            45
30 Sep 1993        1,124          706           418
31 Dec 1993        1,251          592           659
31 Mar 1994        1,404          975           429
30 Jun 1994          770          691            79
30 Sep 1994          652          700           (48)
31 Dec 1994          508          725          (217)
31 Mar 1995          499          619          (120)
30 Jun 1995          824          609           215
30 Sep 1995          622          579            43
31 Dec 1995          761          715            46
31 Mar 1996        1,116          785           331
Securities Schemes           84     20     64     52     32     30
Umbrella Funds               71     17     54     47     24     16
Govt & other Public Funds    13      5      8      6      7      1
Funds of Funds                6      1      5      6      -      -
Futures & Options Funds       3      -      3      3      -      1
Money Market Funds            3      1      2      2      1      -
Feeder Funds                  2      1      1      1      1      1
Other                         7      -      7      3      4      2
TOTAL                       189     45    144    120     69     51
* comprising 412 sub-funds

Class A schemes are those which meet the Commission's Collective
Investment Scheme Rules 1988 and are thereby eligible for recognition by the UK Securities and Investments Board for sale to the public in the United Kingdom by virtue of Guernsey's designation under Section 87 of the Financial Services Act 1986.

Class B schemes are also authorised under the Protection of Investors Law 1987, and are subject to the Collective Investment Schemes (Class B) Rules 1990.

OEIC - open-ended investment companies/UT - unit trusts

At          Number of     Value of      Number of      Stock-Exchange
             Schemes       Schemes     Registered           Listed

31 Dec 1990     55          1,341          5,690             N/A

31 Dec 1991     68          2,111          6,069              27

31 Dec 1992     78          2,829          6,221              31

31 Mar 1993     79          2,824          6,455              31

30 Jun 1993     80          3,047          7,106              32

30 Sep 1993     84          3,149          5,916              32

31 Dec 1993     86          3,763          5,972              33

31 Mar 1994     89          3,643          6,332              35

30 Jun 1994     96          3,620          6,479              36

30 Sep 1994    101         3,574          6,773               36

31 Dec 1994    107         3,596          6,992               38

31 Mar 1995    113         3,225          7,760               39

30 Jun 1995    120         3,908          8,167               42

30 Sep 1995    124         4,056          7,547               42

31 Dec 1995    140         4,447          8,096               43

31 Mar 1996    146         4,828          8,392               45
At          Number of     Value of      Number of      Stock-Exchange
             Schemes       Schemes     Registered          Listed

31 Dec 1990    211          4,410         73,457             N/A

31 Dec 1991    221          6,408         67,593              59

31 Dec 1992    236          8,291         74,942              64

31 Mar 1993    248          8,781         86,719              65

30 Jun 1993    254          9,213         89,808              66

30 Sep 1993    269         10,366         90,755              68

31 Dec 1993    280         12,073         94,693              72

31 Mar 1994    275         12,273         98,402              78

30 Jun 1994    290         11,978         96,921              82

30 Sep 1994    300         11,924        102,246              84

31 Dec 1994    308         11,475        100,652              90

31 Mar 1995    311         10,666        100,684              90

30 Jun 1995    318         11,918        106,703              93

30 Sep 1995    324         12,198        107,994              93

31 Dec 1995    334         12,836        111,949              94

31 Mar 1996    335         13,936        114,239              96

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Visit the Guernsey Financial Services Commission Web Site at Click Contact Link
For further information contact Peter Crook on Tel: +44 (0) 1481 712706, Fax: +44 (0) 1481 712010.

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